A former New Canaan resident pleaded guilty last week to one count of wire fraud stemming from a scheme to defraud investors of more than $1.3 million.

Denver, Colorado resident John B. Jeffrey, also known as Tucker Jeffrey, allegedly marketed an investing opportunity in Anchor Shipping and Trading and Southern Cross Shipping, telling individuals that the companies were organized in the Marshall Islands, were engaged in the cargo shipping business and had long-term contracts that would support a profitable international shipping business.

Instead of using invested funds as promised, Jeffrey used the vast majority of the money for his personal expenses, including paying for the mortgage on his New Canaan home, tuition at private schools, country club dues and home renovations.

Jeffrey faces up to 20 years in prison and a fine of up to approximately $2.6 million.

Sentencing has not yet been scheduled.